EUR/USD Intraday technical levels and trade recommendations for June 25, 2013.
June 25, 2013 4:15 pm
Yesterday, the EUR/USD pair expressed quite weak bullish movement corresponding to the usual sluggish movement of Monday trading sessions.
Despite this bullish recovery witnessed yesterday, the pair is still under pressure from resistance 1.3150 (previous bottom and SMA 100 on the 4H chart).
Consolidation of 1.3150 pushed the pair down below 1.3100 which is taking place now to test demand zone at 1.3050-1.3030 (previous consolidation range).
The EUR/USD pair may be forming a double bottom off 1.3050 before resuming further bullish retracement.
In general, the pair remains bullish in the short-term as long as 1.3000 holds price above.
Breakdown of 1.3000 allows further bearish movement to take place towards 1.2750 initially.
Trading recommendations:
Watch price action around 1.3050-1.3030 for a valid BUY entry with SL located just below 1.3000 while 1st target should be located at 1.3140.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday, the EUR/USD pair expressed quite weak bullish movement corresponding to the usual sluggish movement of Monday trading sessions.
Despite this bullish recovery witnessed yesterday, the pair is still under pressure from resistance 1.3150 (previous bottom and SMA 100 on the 4H chart).
Consolidation of 1.3150 pushed the pair down below 1.3100 which is taking place now to test demand zone at 1.3050-1.3030 (previous consolidation range).
The EUR/USD pair may be forming a double bottom off 1.3050 before resuming further bullish retracement.
In general, the pair remains bullish in the short-term as long as 1.3000 holds price above.
Breakdown of 1.3000 allows further bearish movement to take place towards 1.2750 initially.
Trading recommendations:
Watch price action around 1.3050-1.3030 for a valid BUY entry with SL located just below 1.3000 while 1st target should be located at 1.3140.
The material has been provided by InstaForex Company – www.instaforex.com
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